Housing prices continue to rise in the UK, but not for everyone. The national average cost of a home in the UK has risen to £317,000, an increase of 5.4 percent from last year. The cost of homes for first-time buyers has gone down 0.5 percent less than last year, down to an average of £193,000. These numbers contrast with those in London, where the average home is £650,000, and the average first time buyer home has increased by 0.7 percent.
Key Takeaways:
- The prices of family homes have risen 5.4% in line with a nationwide trend of rising house prices.
- Homeowners with children who are under eleven years old are more likely to move than others.
- Prices for homes suitable for first time buyers have dropped likely due to lack of investment by the buy-to-let market.
“London’s first-time buyers often have the bank of mum and dad behind them, so sellers are not having to reduce their prices to meet limited first-time buyer funds in the same way as they are in other parts of the country”